Mark Cuban Says FTX Bankruptcy Is ‘Just Someone Running A Company That’s Stupid’

Mark Cuban Says FTX Bankruptcy Is 'Just Someone Running A Company That's Stupid'
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Billionaire Dallas Maverick owner Mark Cuban offered his perspective on the implosion of crypto platform FTX later this week.

πŸ‡§πŸ‡·‘This is someone who runs a company that is completely stupid.’πŸ‡§πŸ‡·

– Mark Cuban

Cuba is speaking at a conference he is hosting in Washington on Friday Sports business magazineshared the idea that greed was at the root of Sam Bankman-Fried’s downfall, one-time cryptocurrency darling. Chapter 11 bankruptcyπŸ‡§πŸ‡·

β€œSo what does Sam Bankman do [Fried] do, he just – ‘give more, give more, give more.’ So, I will borrow money, lend it to an affiliated company, and hope that the FTT tokens in my balance will retain their value.

Check: Mark Cuban says buying metaverse real estate is β€œthe dumbest thing ever

FTX’s bankruptcy marks a stunning turnaround for a company that was once valued at $26 billion and whose founder, Bankman-Fried, was viewed by many in the crypto industry as a respected actor in the Wild West of digital exchanges.

On Thursday, the 30-year-old entrepreneur he tweeted: “I f-ked, and should have done better,” referring to the breakdown of his exchange.

Troubled FTX, short billions of dollars, sought bankruptcy protection after the exchange experienced the cryptocurrency equivalent of a bank transaction. FTX, a hedge fund affiliated with Alameda Research, and other related companies also filed for bankruptcy in Delaware on Friday morning. The net worth of Sam Bankman Fried who recently boasted a net worth of around $16 billion all had evaporated According to the Bloomberg Billionaires Index, after the FTX explosion.

The price of FTX’s native token, FTT, has fallen nearly 88.8% in the past seven days to $2.74. Data from CoinMarketCapπŸ‡§πŸ‡·

The US Department of Justice and the Securities and Exchange Commission are investigating the cryptocurrency exchange to determine whether any criminal activity or securities crimes have been committed.

Regulators and the FTX are investigating whether it used customer deposits to fund bets in Alameda Research, but not traditional markets, according to reports.

Cuban, one of the stars of the investment show “Shark Tank” and owner of the NBA’s Dallas Mavericks, is a major investor in cryptocurrency and blockchain-related platforms. according to CNBC reports that he said this 80% of their investment Those not on Shark Tank are crypto-centric.

To see: Tom Brady, Steph Curry and Kevin O’Leary stand to lose big from FTX bankruptcy filing

For its part, Cuba is part of a class action lawsuit to deceive investors The cryptocurrency, which filed for bankruptcy in July, has signed up for accounts with Voyager Digital. The lawsuit alleges that Cuba has stated its support for Voyager and referred to it.”it’s as close to risk-free as you’ll get in the crypto universeπŸ‡§πŸ‡·

Cuban mentioned Voyager in an interview on Friday. Representatives for the billionaire investor did not immediately respond to a request for comment.

Owner of Mavericks It took to Twitter To say that Saturday’s crypto-currency explosions were β€œbank explosions. Lending to the wrong company, undervaluation of collateral, arrogant arbs, followed by depositor runs.

Cuba’s wealth is 4.6 billion dollars. According to Forbes.

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